Intraday Market Thoughts

Archived IMT (2010.08.06)

by Ashraf Laidi
Aug 6, 2010 11:19

JOB REPORTS FROM CANADA & US due in today. Canada (11:00 GMT) July employment exp +10K from 93K, unemp rate exp unchanged at 7.9%. Considering that the 93K rise was the second highest on record, A rise of 10-20K would be positive for CAD especially if the unemployment rate remains at 7.9%. USDCAD eyes a recovery above 1.02, but any rebound subsequent rebound is seen capped at 1.0250 until the release of the US jobs report, which could alter the risk picture. The 1.01 support remains valid for now, unless both US and CAD reports surprise on the upside. CADJPY still capped at 85, with ample downside risks calling for 84.20, followed by 83.60.


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